PRINTER'S NO. 591
THE GENERAL ASSEMBLY OF PENNSYLVANIA
INTRODUCED BY FARNESE, WASHINGTON, BROWNE, FOLMER, FERLO, HUGHES, RAFFERTY, SOLOBAY, COSTA AND BOSCOLA, MARCH 6, 2013
REFERRED TO CONSUMER PROTECTION AND PROFESSIONAL LICENSURE, MARCH 6, 2013
11(a) General rule.--A form of notice of title insurance,
12legal representation and liens that satisfies the requirements
13of this chapter shall be promulgated by the commission. This
14notice form shall be used in all residential real estate
15transfers as provided in section 7302(a) (relating to
16application of chapter).
6(1) An explanation in plain language of the risk of
7purchasing real estate without title insurance or legal
8representation, including the risks of fraud and assumption
9of liens, judgments and other debts of prior owners.
10(2) Information on the availability of legal services.
14(d) Delivery of form.--Copies of the executed and notarized
15form shall be delivered to the seller and the buyer or the
16buyer's agent within five days of execution and prior to final
17settlement of a residential real estate transfer.
18(e) Filing form with recorder of deeds.--The original notice
19of title insurance, legal representation and liens executed by
20the buyer shall be presented with the deed and any
21acknowledgment filed with the recorder of deeds, registered and
22recorded pursuant to applicable law.
23(f) Notice provided by recorder of deeds.--
24(1) If, prior to the time of filing a deed, the grantee
25has not been provided with a notice as otherwise provided
26under this section to file pursuant to subsection (e), the
27recorder of deeds shall provide a notice to the grantee that
28contains the information required by subsection (c). This
29notice shall be signed and dated by the grantee or the person
30filing the deed and filed with the recorder of deeds,
1registered and recorded pursuant to applicable law.
2(2) Within 30 days of the recording of any deed, the
3office shall notify, by first class mail, the prior recorded
4owner of the real estate identified in the deed, and the
5occupant at the address of the real estate identified in the
6deed if that address is different from the record owner's
7address, that the deed has been recorded.
8Section 2. This act shall take effect in 60 days.